SAN DIEGO, AZ – Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has acquired two Phoenix-area multifamily communities totaling 300-units.

According to Lorne Polger, senior managing director of Pathfinder Partners, the transactions include the $25.6 million ($114,000 per unit) acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 East Inverness Avenue in Mesa, Arizona from Acacia Capital Corporation and the $8.5 million ($112,000 per unit) acquisition of Aria on Mill from Capstone Commercial Properties.  A 76-unit apartment community constructed in 1988, Aria is at 2430 South Mill Avenue in Tempe, Arizona.

The transactions follow Pathfinder’s March 2016 acquisition of the remaining 90 unsold luxury condominiums within the 312-unit Aderra community in Scottsdale, Arizona.

Pathfinder continues to find compelling value-add opportunities in Phoenix, Polger said. “We were presented with unique opportunities in two attractive Phoenix submarkets,” he said. “Windemere is in south Mesa in the desirable Gilbert school district and had never been renovated. We plan to modernize the community through comprehensive common area and interior renovations as well as add new amenities including a new and expanded fitness center, BBQ and community gathering areas and a dog park. Aria is near Arizona State University, the largest U.S. public university, and is walkable to the Mill Avenue shopping and restaurant district. Aria features a recently renovated exterior façade and presents a unique opportunity to add value through interior renovations.”

The Windemere transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. Aria was brokered by Steven Gebing and Cliff David of Marcus & Millichap.

PHOENIX, AZ – Cushman & Wakefield, a global leader in commercial real estate services, announced today that 176 units of the Casas De Soledad apartment project have been sold to an Arizona investor.

The 256-unit apartment community was built in 2004 and is located at 3901 Sonoma Springs Avenue in Las Cruces.  Casas De Soledad offers Class “A” apartments within the Sonoma Ranch master-planned golf community.  The property is situated adjacent to the Sonoma Springs Golf Course.  Clear Sky Capital (Marcus Kurschat-Principal) of Phoenix purchased 176 units of the apartment development.  The remaining 80 units were individually sold at an earlier date.  The property offers substantial amenities, including a clubhouse with kitchenette, gated access, a resort-style swimming pool and spa, state-of-the-art fitness center, a putting green, barbecue grills and access to walking and biking trails.  The units have varying features, some of which include garages, nine-foot ceilings, walk-in closets, garden-style tubs, and first floor patios or solariums.

Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office worked with Managing Partner Brett Preston, SIOR, CCIM of Cushman & Wakefield affiliate Pires International in New Mexico and represented the Seller to negotiate the sale transaction.  Clear Sky Capital purchased the property from CS Las Cruces Investco, LLC (PEM Real Estate Group, Paul Mashni-Principal) of Scottsdale, AZ.

“This presented a great value opportunity,” said Mr. Nicoluzakis.  “The Casas De Soledad property features all of the high-end amenities that today’s residents want, while offering the buyer below replacement cost pricing with an attractive in-place yield.”